Pres. Biden announces plan to cancel up to $10,000 in student loan debt for Americans making less than $125,000, and up to $20,000 for Pell Grant recipients.
President Joe Biden in the East Room of the White House, in Washington, Aug. 9, 2022.Ahead of another deadline on the restart of payments for America's $1.7 trillion in federal student loans, President Joe Biden on Wednesday announced a plan to cancel debt for a subset of Americans and continue to keep a pandemic-era pause on the repayments -- a sweeping move he has openly weighed in some form or another since his time as a candidate.
In an interview on Tuesday afternoon, U.S. Secretary of Education Miguel Cardona told ABC News that the much-anticipated decision on loan forgiveness would come "soon" but was vague on details. Activists attend a rally outside of the White House to call on U.S. President Joe Biden to cancel student debt in Washington, July 27, 2022.Such a major cancelation may seem like a big step for Biden to take without Congress, but legal and policy experts say it's clearer: The move would be well within the president's authority -- it just hasn't been wielded before because of the political implications.
Outside experts also wonder how long the processes would take to cancel student loans once a policy is announced -- and how complicated it would be for borrowers to work their way through it, which are details that have yet to be released. "If the rumors are true, we've got a problem. And tragically, we've experienced this so many times before," NAACP President Derrick Johnson said in a statement Tuesday, reacting to the details of the potential policy announcement.
Though Fuller worked hard his first few years out of school to pay down his school debt, and then had his loan frozen for much of the pandemic, he's concerned that restarting payments on top of monthly living costs could put him over the edge. Pinched salaries and rising inflation have had many teachers on edge with the loan forgiveness deadline approaching.
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